CryptoQuant Founder Abandons Bear Call After Sharp Price Rally

CryptoQuant founder Ki Young Ju recently reversed his bearish stance on Bitcoin, declaring that the recent price rally signals the end of the bear market. This marks a significant shift from his previous warnings, which predicted a prolonged decline in prices until 2027.

Just six weeks ago, Ju had stated that any rebound would likely be temporary relief within a bear market he expected to stretch into 2027. However, with Bitcoin's price surging past $77,000, Ju now believes the bottom is already in place.

The analyst attributes this rally to whale wallets opening massive long positions at Bitcoin's price bottom of under $63,000 on exchanges last week. He notes that these large holders still know when the Bitcoin bull run starts.

Other market participants have pointed to different catalysts for the price increase, including bond-market news and broader buying across Asia. However, no single factor has gained consensus.